New York, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Radar Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368672/?utm_source=GNW
KGaA, TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc.
The global automotive radar market is expected to grow from $4.14 billion in 2021 to $4.97 billion in 2022 at a compound annual growth rate (CAGR) of 20%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automotive radar market is expected to reach $9.45 billion in 2026 at a CAGR of 17.4%.
The automotive radar market consists of sales of automotive radar by entities (manufacturers, sole traders, and partnerships) that detect the speed and range of objects in the vicinity of the car.Automotive radar refers to several sensor systems that contain a transmitter and a receiver, which help to transfer data to camera-sensing systems.
These radars operate on frequency-modulated continuous-wave (FMCW) radar technology.
The main types of vehicles in automotive radar are passenger cars and commercial vehicles.The passenger car market involves the use of automotive radar added into passenger car cabins to track passengers and objects inside the car.
Automotive radars are used in passenger cars to enable essential safety and comfort features.The various ranges include long-range radar (LRR) and short and medium-range radar (S&MRR), which are available in several frequencies such as 24 GHz, 77 GHz, and 79 GHz.
The various applications are adaptive cruise control (ACC), autonomous emergency braking (AEB), blind-spot detection (BSD), forward-collision warning system, intelligent park assist, and others.
Asia-Pacific was region with the largest share in the automotive radar market in 2021. The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising number of road accidents is expected to propel the growth of the automotive radar market going forward.Accidents caused due to traffic collisions, negligence, or other reasons leading to injury or death of persons involved are referred to as road accidents.
Automotive radar is one of the several sensor systems for collision avoidance, and pedestrian and cyclist detection, and it complements vision-based cameras, which help to detect vehicles and help to reduce accidents.For instance, according to data by the National Crime Records Bureau (NCRB), an India-based government agency, India recorded 3,54,796 cases of road accidents in 2020, of which 1,33,201 people died and another 3,35,201 were injured.
Also, according to a report by the World Health Organization, a Switzerland-based agency of the United Nations responsible for international public health, in the year 2021, approximately 1.3 million people died as a result of road accidents. Therefore, the rising number of road accidents is driving the growth of the automotive radar market in the upcoming years.
Technological innovations are the key trend gaining popularity in the automotive radar market.Major companies operating in the market are introducing new technologies to increase their market share.
For instance, in March 2022, Under, a US-based manufacturer of digital automotive radar-on-chip for automated systems, launched the industry’s first 4G digital imaging radar-on-chip that helps to provide digital radar solutions and deliver better accuracy and enhanced sense for standing or moving objects for both short and long distances. The advanced driver assistance systems help to provide accuracy irrespective of the weather and lighting conditions, whilst also mitigating interference with other readers.
In September 2021, Analog Devices, a US-based semiconductor company, acquired Maxim Integrated for a deal amount of $20.8 billion. Through this acquisition, Analog Devices expands the company’s analog and mixed-signal portfolio and would reach newer markets. Maxim Integrated is a US-based company that develops analog and mixed-signal semiconductor products including automotive radars.
The countries covered in the automotive radar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive radar market research report is one of a series of new reports that provides automotive radar market statistics, including automotive radar industry global market size, regional shares, competitors with an automotive radar market share, detailed automotive radar market segments, market trends and opportunities, and any further data you may need to thrive in the automotive radar industry. This automotive radar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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